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Best savings accounts 2022: Top 10 regular savings account with high interest rates now

Daily Express logo Daily Express 05/10/2022 Katie Elliott
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While the proceeds to raise its base interest rates nearly month-on-month, savers are one group to largely benefit. This is because account interest rates tend to be increased too, and some are now offering the best rates recorded in over a decade.

With inflation predicted to hit double digits again after this month as energy bills rise and economic turbulence is further spurred by new Government fiscal policies, BoE interest rates are only predicted to rise, too. Analysts predict rates could hit a staggering 5.8 percent by next year.

While this isn't great news for borrowers, such as those with mortgages, it can benefit savers.

Interest rates reflect how much will be paid into savings accounts as a percentage of the savings already in there. The higher the interest rate, the more will be paid into an account for a given-sized deposit.

There are several different types of savings accounts to opt into, from ISAs to fixed rates and easy access accounts to name a few.

Regular savings accounts, however, are an effective way to start building up a savings pot. They tend to offer the highest interest rates on the market and terms typically encourage savers to pay money into the accounts monthly.

READ MORE: Savings accounts hit 13-year high as best rate pays 4.40 percent

Natwest bank, piggy bank © GETTY Natwest bank, piggy bank

Savers simply have to meet certain requirements on the respective accounts and they'll earn interest on their savings, generally annually, on the basis they make minimal withdrawals and deposit regularly.

However, like with all accounts, some offer higher interest rates than others. Money Facts has pulled together the top 10 available right now.

Top 10 regular savings accounts

Ranking top of the list is NatWest's Digital Regular Saver with an Annual Equivalent Rate (AER) of 5.12 percent.

The 5.12 percent interest rate is awarded to savings up to £1,000, after which a 0.5 percent and 0.4 percent will be awarded to figures from £1,001 to £5,000, and £5,001 and over, respectively.

There is no minimum deposit required to open the account and it allows people to save up to £150 each month.

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Unlimited withdrawals are permitted without penalty and interest is awarded monthly.

Coming in second is Royal Bank of Scotland's Digital Regular Saver with an AER of 5.12 percent.

Like Natwest, the same interest rules apply to this bank account (5.12 percent paid up to £1,000, then 0.5 percent and 0.4 percent), interest is applied monthly, and unlimited withdrawals are also permitted.

Ranking third on the list is the first direct's Regular Saver account with an AER of 3.5 percent, fixed for 12 months.

A minimum £25 deposit is required to open the account and it allows people to save up to £300 a month. However, withdrawals are not permitted with this account.

Fourth on the list is Principality BS's Learner Earner (Issue 3) with an AER of 3.2 percent.

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This account allows people to save up to £250 a month and requires a £1 deposit to launch it. However, up to three withdrawals are permitted every calendar year.

In fifth place is Hinckley & Rugby BS' Regular Saver 30-Day Notice account with an AER of three percent.

A £10 deposit is required to open the account and up to £500 can be deposited monthly. Subject to a 30-day notice period, unlimited withdrawals are also permitted.

However, If two payments are missed, the account will revert to Plain Sailing Easy Access Account.

Coming sixth is Nationwide BS' Flex Regular Saver with an AER of three percent.

A minimum of £1 is required to open the account and people can save up to £200 per month, however, if withdrawals are made four time or more, the lower one percent interest rate will be paid for the rest of term.

TSB's Monthly Saver ranks seventh with an AER of three percent.

A minimum of £25 is required to open the account and interest is rewarded after 12 months. Withdrawals are also permitted without penalty.

Placing eighth on the list is Principality BS' 1 Year Regular Saver Bond (Issue 29) with an AER of 2.8 percent.

A minimum of £20 is required to open the account, up to £250 can be submitted monthly, and interest is paid one year after opening.

However, as the account is a one-year bond, withdrawals are only permitted on closure of the account.

Ninth on the list is Lloyds Bank's Club Lloyds Monthly Saver with an AER of 2.75 percent.

This account requires a minimum of £25 to open and up to £4,800 can be saved using it overall. Interest is calculated and paid on the anniversary of the account opening.

Last but not least, ranking tenth on the list is Bank of Scotland's Monthly Saver with an AER of 2.5 percent.

This account is also a 12-month bond and allows savers to deposit £25 to £250 a month. People also must have a Bank of Scotland current account in order to open it.

Unlimited withdrawals are permitted without penalty and after 12 months, the account will change to an Instant Access Savings Account.

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